Aquatics center gets New Markets Tax Credit financing
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News from Mission Valley Aquatics
POLSON — Mission Valley Aquatics has secured $6 million in permanent financing to support the Mission Valley Aquatic Center through Montana CDC and U.S. Bank.
Founded in 2002, Mission Valley Aquatics is a Lake County based not-for-profit created to build and operate an aquatic facility providing swimming and therapy programs to people of all ages and abilities in and around Polson. The center includes an 8-lane, 25-yard swimming pool, and is the only available facility for the surrounding rural community.
The New Markets Tax Credit financing from U.S. Bancorp Community Development Corporation, the community development subsidiary of U.S. Bank, and Montana Community Development Corporation provides a critical piece of the project and allowed the facility to open for the summer season.
This is Montana CDC’s first New Markets Tax Credit (NMTC) project in Polson and the first to be built with a not-for-profit organization. Dave Glaser, President of Montana CDC, recognizes the importance of using New Markets financing to support community-based facilities. “Mission Valley Aquatics was a natural fit for New Markets, as the organization receives a stable source of financing, the community receives a health facility with long-term viability, and U.S. Bank receives an opportunity to provide capital to Montana,” he said.
Senator Jon Tester agreed. “Investing in this Mission Valley Aquatics facility, with its strong community support, is a smart way to improve access to care and raise the quality of life for folks in Polson,” he said.
Since 2009, Montana CDC has provided nearly $123 million in NMTC financing to projects throughout Montana and Idaho.
Like all New Markets Tax Credit projects, there are significant community impacts associated with the facility. Mission Valley Aquatics will maintain three permanent full-time positions and create 40 permanent part-time positions.
“We are grateful to have received New Market Tax Credit financing,” Tana Seeley, MVA project director, said. “It has enabled us to complete construction and open our doors to the public. We are already seeing the positive energy the aquatic center brings to our community.”
Montana CDC received its first allocation of NMTCs in 2009, and since that time, the financing has spurred projects totaling $123 million across Montana and Idaho. For more information on the New Markets Tax Credit Program or other business financing options in Montana, contact David Glaser, Montana CDC President (406-728-9234, ext. 211, or visit Montana CDC’s website.
